JC&C - 2025 FY Results and Dividend

To: Business Editor 27 February 2026 For immediate releaseJardine Cycle & Carriage Limited 2025 Financial Statements and Dividend Announcement The following announcement was issued today by the Company's 85.5%-owned subsidiary, Jardine Cycle & Carriage Limited.For further information, please contact:Jardine MathesonHarry Thompson (852) 2843 5343Jardine Cycle & CarriageJoey Ho (65) 9765 0717 27th February 2026

JARDINE CYCLE & CARRIAGE LIMITED

2025 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

Highlights

● Underlying profit at US$1,110 million, 1% up from the prior year

● Proposed final dividend per share of US¢85, representing total dividend of US¢113 for the year

"In 2025, the Group delivered an underlying profit of US$1.1bn, 1% up from the prior year. A lower contribution from Indonesia amidst a more challenging operating environment, was partly offset by improvements in Vietnam and Singapore, while foreign exchange gains and lower financing costs at the JC&C corporate level improved overall profitability of the Group. 

Looking ahead, while Indonesia's operating environment will remain challenging, consumer sentiment in the country may see a moderate recovery. We expect Vietnam to continue to grow and Singapore to deliver resilient earnings. Notwithstanding the near-term outlook, we remain focused on our longer-term objective of building a portfolio aimed at creating sustainable value and delivering strong total shareholder returns."

Samuel Tsien, Chairman

The exchange rate of US$1=S$1.28 (31st December 2024: US$1=S$1.36) was used for translating assets and liabilities at the balance sheet date, and US$1=S$1.30 (31st December 2024: US$1=S$1.34) was used for translating the results for the period. The financial results for the year ended 31st December 2025 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors.

* The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 6 to the condensed financial statements. Management considers this to be a key performance measurement that enhances the understanding of the Group's underlying business performances.

^ Included in 'non-trading items' are unrealised gains/losses arising from the revaluation of the Group's non-current investments.

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CHAIRMAN'S STATEMENT

Overview

JC&C delivered a stable underlying profit of US$1.1 billion in 2025, up 1% from the prior year. Total contributions from businesses were 5% lower, mainly due to lower contribution from Indonesia, where several businesses experienced challenging operating conditions. This was partly offset by improved earnings from our businesses in Vietnam and Singapore, reflecting the Group's continued efforts to build portfolio resilience. Foreign exchange gains and lower financing costs at the JC&C corporate level improved the overall profitability of the Group.

Strategic developments

In 2025, JC&C made progress in reducing its corporate net debt and building future financial flexibility in its balance sheet. This was supported by the divestment of a 4.6% interest in Vinamilk for US$228 million in December, in line with our strategy to build a focused portfolio that enhances shareholder value. In February 2026, JC&C divested a further 3.5% interest for US$188 million.

During the year, we also increased our shareholding in Refrigeration Electrical Engineering Corporation ("REE") from 41.4% at the end of 2024, to 41.7% at the end of 2025 for US$4 million.

Meanwhile, Astra executed various strategic initiatives in 2025, as follows:

● To further strengthen its leading market position in the used car sector, Astra entered into a partnership that saw Toyota invest US$120 million for a 40% stake in Astra Digital Mobil ("ADMO"). ADMO owns OLXmobbi, an integrated online-to-offline used car business. The partnership with Toyota will increase access to used cars, financing, insurance and aftersales for customers across Indonesia. 

● To gain a significant foothold in the rapidly growing industrial and logistics infrastructure market, Astra acquired an 83.7% stake in Mega Manunggal Property ("MMP"), one of the largest industrial and logistics property developer in Indonesia. Astra increased its interest to 91.4% in December, following the completion of a mandatory tender offer.

● Astra increased its stake in Polinasi Iddea Investama ("Halodoc") to 31.3%. Halodoc is the leading healthcare platform in Indonesia. Astra also increased its ownership in Medikaloka Hermina (Hermina) to 20.2%, which is one of Indonesia's largest private hospital networks. The Group's total investment in Indonesia's high growth healthcare sector, including Halodoc, Hermina and Heartology Hospital, amounts to around US$550 million to date.

● United Tractors signed a conditional sale and purchase agreement ("CSPA") to acquire 100% of Arafura Surya Alam, a gold mining company with 1.6 million oz of reserves located in North Sulawesi, for a total consideration of US$540 million. This acquisition was completed in February 2026, and expands United Tractors' business in the mineral sector.

● In January 2026, Astra and United Tractors each completed a Rp2 trillion share buyback programme. Subsequently, they both announced another tranche of share buyback of up to Rp2 trillion each, with Astra completing its tranche with a total value of Rp685 billion in February 2026. These programmes reflect the confidence of Astra's management in the company's prospects and their ability to generate sustainable cash flows, as well as supporting the government in maintaining stability of the capital market.

Dividends

The Board is recommending a final one-tier tax-exempt dividend of US¢85 per share (2024: US¢84 per share) which, together with the interim dividend of US¢28 per share (2024: US¢28 per share), will provide a total dividend for the year of US¢113 per share (2024: US¢112 per share), 1% higher than 2024.

people

John Witt retired as Chairman of the Board in November. We thank him for his guidance and leadership. Having served on the Board since 2021, it is my honour to assume the role of JC&C's first independent chairman. 

On behalf of the Board, I would also like to express our appreciation to Ben Birks and Jeffery Tan who are stepping down as Group Managing Director and Company Secretary, respectively, after JC&C's annual general meeting in April 2026.

We thank all the teams across our portfolio companies for their efforts and contributions towards our continued good performance.

outlook

We remain focused on our longer-term objective of building a portfolio aimed at creating sustainable value and delivering strong total shareholder returns.

Samuel Tsien

Chairman

GROUP MANAGING DIRECTOR'S STATEMENT

Overview of Performance

The Group reported an underlying profit of US$1,110 million in 2025, 1% higher than the year before. Indonesia's contribution was 8% lower at US$945 million, mainly due to a lower contribution from Astra. Vietnam's contribution was 25% higher at US$129 million, mainly due to improved performances by THACO and REE. The Group's Regional Interests contributed US$56 million. Excluding the disposal of Siam City Cement in the second half of 2024, the contribution from Regional Interests would have been 43% higher, reflecting higher earnings from Cycle & Carriage.

Corporate operating expenses decreased from US$66 million to US$46 million, mainly due to lower net financing charges which reflected a lower corporate net debt over 2025 compared to 2024. A US$26 million translation gain on foreign currency corporate loans was recorded in 2025, compared to a loss of US$17 million in 2024.

The Group's profit attributable to shareholders was US$998 million after accounting for non-trading items of US$112 million, mainly comprising unrealised fair value losses related to non-current investments, compared to US$946 million in the same period last year.

The Group's consolidated net debt position, excluding the net borrowings from Astra's financial services subsidiaries, was US$44 million at the end of 2025, compared to US$235 million at the end of 2024. Net debt within Astra's financial services subsidiaries increased from US$3.7 billion to US$3.9 billion. JC&C corporate net debt decreased from US$816 million to US$577 million, mainly due to the proceeds from the partial disposal of its interest in Vinamilk.

Group Review

The contributions to JC&C's underlying profit attributable to shareholders by business segment were as follows:  

INDONESIA

The Group's Indonesian businesses contributed US$945 million to its underlying profit, down 8%.

(A) Astra

Astra's contribution of US$927 million to JC&C's underlying profit is 7% down (3% down in Rupiah terms) from last year, reflecting the translation impact from a weaker Indonesian Rupiah, as well as weaker performances from its mining services, coal mining operations and new car sales. This was partly offset by improved earnings across its other businesses, primarily in motorcycle sales, financial services, gold mining and infrastructure. Under Indonesian accounting standards, Astra reported a net profit equivalent to US$1,986 million.

Automotive & Mobility

Net income was relatively stable at US$689 million, supported by the motorcycle and component businesses despite lower new car sales.

● The wholesale car market decreased by 7% to 804,000 units in 2025, reflecting weaker purchasing power in the entry-level segment. Astra's market share declined to 51%, due to intensified competition.  

● The wholesale market for motorcycles increased by 1% to 6.4 million units. Astra's market share remained stable at 78%.

● Components business Astra Otoparts reported a 18% increase in net profit to US$107 million, with higher contributions from all segments.

● The used car business, OLXmobbi, continued to record growth with a 21% increase in used car sales to 33,100 units, while the transportation and logistics solutions business Serasi Autoraya recorded 3% increase in vehicles under contract at 28,400 units.

Financial Services

Net income increased by 9% to US$542 million, due to higher contributions from Astra's consumer finance businesses on larger loan portfolios.

● Consumer finance businesses saw a 5% increase in the amounts financed to US$6.8 billion, reflecting strong growth in multipurpose financing. The net income contribution from Astra's car-focused finance companies increased by 3% to US$149 million, and the contribution from Astra's motorcycle-focused financing business increased by 5% to US$285 million.

● General insurance company Asuransi Astra Buana reported a 9% increase in net income to US$94 million, mainly due to higher insurance revenue.

Heavy Equipment, Mining, Construction and Energy

Net income decreased by 24% to US$551 million, mainly due to lower profits from the mining services and coal mining operations, partly offset by higher earnings from the gold mining business.

● Komatsu heavy equipment sales were 2% higher at 4,500 units, driven by stronger demand from forestry and plantation sectors.

● Mining services operations recorded a 10% decline in overburden removal volume at 1.1 billion bank cubic metres, due to heavy rainfall in the first half of 2025 alongside reduction in stripping ratios.

● Coal mining subsidiaries' revenue was impacted by lower coal prices, which more than offset an increase in coal sales at 11.6 million tonnes.

● The gold mining businesses benefited from a 40% increase in gold selling prices, although gold sales were 2% lower at 227,000 oz.

● United Tractors' nickel mining businesses comprise majority-owned Stargate Pasific Resources ("SPR") and 20.1%-owned Nickel Industries Limited ("NIC"). United Tractors recognised equity income from NIC for the year in arrears based on NIC's results from the final quarter of 2024 and the first nine months of 2025.

Agribusiness

Net income increased by 28% to US$71 million, mainly due to higher sales volumes of crude palm oil and its derivatives, alongside increased selling prices.

Infrastructure

Astra's infrastructure division reported a 24% increase in net income to US$76 million, mainly due to improved traffic volumes and tariffs. Astra has 396km of operational toll roads along the Trans-Java network and the Jakarta Outer Ring Road.

(B) Tunas Ridean

Tunas Ridean contributed US$18 million, 46% lower than last year, mainly due to lower profits from its consumer finance and automotive operations.

VIETNAM

JC&C's businesses in Vietnam contributed US$129 million to the Group's underlying profit, up 25%.

(A) THACO

THACO contributed US$55 million, 39% higher than the previous year. This was mainly due to a strong result from its real estate business with the lifting of the earlier moratorium on Ho Chi Minh City's real estate sector. This mitigated lower earnings from its automotive business, which was affected by intense competition resulting in margin compression and a decrease in market share from 18% to 15%. THACO's agricultural business recorded a smaller loss on the back of higher sales volume.

(B) REE

REE contributed US$40 million, 39% higher than the previous year. This was mainly due to higher earnings from the power generation business which mainly comprise hydropower, wind power and solar power interests, as well as an increased contribution as a result of JC&C increasing its shareholding over 2025 versus 2024.

(C) Vinamilk

JC&C's holding in Vinamilk produced a dividend income of US$33 million, relatively unchanged from last year.

Regional Interests

Regional Interests contributed US$56 million. Excluding the disposal of Siam City Cement in the second half of 2024, the contribution from Regional Interests would have been 43% higher, reflecting higher earnings from Cycle & Carriage.

Cycle & Carriage

The contribution from Cycle & Carriage was up 49% to US$48 million. In Singapore, commercial vehicle sales were up 74%, supported by the delivery of electric buses under tender projects, while used car sales and aftersales throughput volume also increased. New passenger car sales were relatively flat at 6,500 units, with market share at 12%.

CORPORATE COSTS

A US$26 million translation gain on foreign currency corporate loans was recorded in 2025, compared to a loss of US$17 million last year, improving the underlying profit of the Group. Corporate net financing charges decreased due to lower corporate net debt over 2025 compared to 2024.

Outlook 

Looking ahead, while Indonesia's operating environment will remain challenging, consumer sentiment in the country may see a moderate recovery. We expect Vietnam to continue to grow and Singapore to deliver resilient earnings.

Ben Birks

Group Managing Director

CORPORATE PROFILE

Jardine Cycle & Carriage ("JC&C" or "the Group") is an investment holding company with a strategic focus on the fast-growing economies of Indonesia and Vietnam. Our portfolio comprises market-leading businesses across different sectors in these countries, alongside further interests in other regional markets.

Indonesia:

● Astra (50.1% owned) is an excellent proxy for Indonesia, with leadership positions in automotive, financial services, heavy equipment, mining, construction & energy, agribusiness, infrastructure, IT and property.

● Tunas Ridean (49.9% owned), one of the largest automotive dealerships in Indonesia.

Vietnam:

● Truong Hai Group Corporation (26.7% owned), Vietnam's automotive market leader and largest private business group in the country, has significant interests in agriculture, real estate, logistics, infrastructure construction, and retail.

● REE Corporation (41.7% owned), the first publicly listed company in Vietnam, participating in power and utilities, including renewable energy, as well as property development and office leasing, and mechanical & electrical engineering.

● Vinamilk (2.5% owned), the leading dairy producer in Vietnam.

Regional Interests:

● Cycle & Carriage, a leading automotive dealership group with an extensive network in Singapore (100% owned) and Malaysia (97.1% owned).

● Toyota Motor Corporation (0.1% owned), a leading multinational automotive manufacturer and the best-selling automotive brand in Indonesia.

Headquartered in Singapore, JC&C is listed on the Mainboard of the Singapore Exchange. JC&C is 85%-owned by the Jardine Matheson Group.

For more information on JC&C and our businesses, visit www.jcclgroup.com.

(1) Decrease in finance charges mainly due to lower net debt at parent company level.

(1) Fair value through other comprehensive income ("FVOCI")

Attributable to shareholders of the Company

6 months ended 12 months ended

31st December 31st December